HAUPPAUGE, NY--(Marketwired - Jan 6, 2017) - Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group exceeded $3,600,000 for the fourth quarter of 2016.
The bookings for the fourth quarter of 2016 were highlighted by two previously announced U.S. Navy awards, totaling $2,300,000, that were received by the Company in December. Other contracts received during the quarter were for the Company's switch panels and displays. Deliveries for the awards received during the quarter are expected to commence in the second quarter of 2017 and continue through the second quarter of 2018.
Mitchell Binder, President and CEO of Orbit International, commented, "Our Electronics Group had very firm bookings in 2016 which well positioned our delivery schedules in the second half of 2016 and should carry over into 2017. In addition to these awards, our Electronics Group is working with its customers on certain follow-on awards for existing programs which may be booked during the first quarter of 2017, although timing is always an uncertainty."
Binder added, "In addition to the expected follow-on awards, our Power Group continues to expand its bid pipeline for its VPX and COTS products. We have made several new alliances with prime contractors that are utilizing our VPX technology. Several pre-production awards have been received which we hope to covert to full production awards once evaluation is completed in 2017. Furthermore, our Electronics Group is working on additional new opportunities, one of which is a next generation developmental effort for a product in which the Company has a significant amount of fielded units. This new opportunity has retrofit possibilities -- which could significantly increase the business potential of this opportunity. As with follow-on production awards, timing on the receipt of awards on these new opportunities is uncertain."
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facility in Hauppauge, New York. Orbit's Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit's operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service as well as Orbit's prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.